Chinese recruitment platform Kanzhun Limited, whose core product is job board Boss Zhipin, today reported revenue increased by 46.0% to RMB 1.58 billion (USD 220.1 million) in its unaudited financial results for the full year and fourth quarter ended 31 December 2023.           

Adjusted net income for the fourth quarter of 2023 was RMB 628.6 million (US$88.5 million), compared to RMB 59.5 million for the same quarter of 2022.

Revenue from online recruitment services to enterprise customers were RMB 1.56 billion (USD 217.4 million) for the fourth quarter of 2023, representing an increase of 46.5% from the same quarter of 2022. This increase was mainly driven by user growth and increased user engagement.

Revenue from other services, which mainly comprise paid value-added services offered to job seekers, stood at RMB 13.5 million (USD 1.8 million) for the fourth quarter of 2023, representing an increase of 7.1% from the same quarter of 2022, mainly benefiting from an expanded user base.

Average monthly active users (MAU) for the fourth quarter of 2023 were 41.2 million, an increase of 33.3% from 30.9 million for the same quarter of 2022. Monthly active users refer to the number of verified user accounts, including both job seekers and enterprise users, that logged on to the group’s mobile application in a given month at least once.

Total operating cost and expenses were RMB 1.36 billion (USD 189.5 million) for the fourth quarter of 2023, representing a decrease of 4.4% from RMB 1.42 billion (USD 197.8 million) for the same quarter of 2022.

Kanzhun also reported revenue for the full year 2023 of RMB 5.95 billion (USD 829.1 million), an increase of 31.9% from the full year 2022.

Monthly active users for the full year of 2023 were 42.3 million, an increase of 47.4% from 28.7 million for the full year of 2022.

Total paid enterprise customers in the twelve months ended 31 December 2023 were 5.2 million, an increase of 44.4% from 3.6 million in the same period a year prior. Paid enterprise customers are defined as enterprise users and company accounts from which the group recognises revenues for its online recruitment services.

Jonathan Peng Zhao, Founder, Chairman and CEO of the company, said, “In the past year, facing various external challenges, we resumed our strong growth in both user scale and revenues. Our better-than-expected financial performance was primarily driven by strong user growth, particularly penetration into blue-collar industries, lower-tier cities, and small and medium-sized enterprises.”

“This is a testament of our continued investment in technology and in-depth exploration of various user demand, which helped us seize opportunities to further consolidate and enlarge our competitive advantages,” Zhao added.

Looking ahead, for the first quarter of 2024, the company currently expects its total revenue to be between RMB 1.64 billion (USD 228.5 million) and RMB 1.67 billion (USD 232.7 million), representing a year-on-year increase of 28.3% to 30.7%. This forecast reflects the company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof, it added.

Kanzhun shares closed today at HKD 65.00 (USD 8.31), up 9.24% on the day and 12.75% below its 52-week high of HKD 74.50 (USD 9.52), set on 5 May 2023. The company has a market cap of HKD 58.52 billion (USD 7.48 billion).